Lloyds is to restart selling packaged accounts across all of its distribution channels over the coming months.

Packaged accounts were pulled from sale in branches at the beginning of 2013 but will return in a simplified form in the next few months, according to the bank.

In a statement, the bank said: "Lloyds Bank and Bank of Scotland are planning to reintroduce the sale of Added Value Accounts (AVAs) through all channels including branch, telephone and online in the coming months.

"We are simplifying the range of packaged accounts available so we will re-introduce the Silver and Platinum packaged accounts and existing Gold and Premier customers will be able to keep their accounts.

"We remain committed to offering packaged accounts as we believe they offer real value to customers."

Lloyds denied reports that it will begin selling the accounts in branches from January.

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This is Money reported that an anonymous branch worker said Lloyds was to begin selling the accounts again in January, but only after the incentive schemes that led to dubious sales practices were cut.

Reportedly, the staff member said packaged accounts would now have a much lower incentive attached to them, with premium accounts worth just 55 sales points compared to the 200 points they carried previously.

Lloyds was fined a record £28m ($46m) by regulators on 11 December after it was found that sales incentives pushed staff into misselling insurance and investment products to customers between 1 January 2010 and 31 March 2012.

One employee was even found to have sold products to himself, his wife and a colleague in a desperate attempt to meet his sales targets.

 

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